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Sep 10 Sep 12 Sep 14 Sep 15 Sep 17 $79.2k $78.0k $76.7k $75.5k 24h High High $76,683 24h Low Low $75,161 Vol Vol $1.1B Market projections Odds by Myriad Today $76,000 to $78,000 $76k–$78k 82 % chance This week Below $78,000 Below $78k 71 % chance Price data by CoinGecko CoinGecko More Bitcoin news and projections → 📈 Crypto Rebounds After The Fed’s First Hike Since 2023
The Fed raised rates 25 basis points on Wednesday to a 3.75% to 4.00% target range, its first hike in more than three years. The vote was unanimous. During Kevin Warsh’s press conference that followed the decision, he noted that the economy is resilient, the labor market is strong, but inflation is too high and has been for too long.
Odds of 2 more rate hikes by end of 2026 jumped to 40% in the aftermath , up from 10% just a week ago. The stock market did sell off in the wake, with the Dow falling 600 points and the 10-year jumping to 5.02%, though stock futures are very green pre-market.
As for crypto, well, it briefly shrugged then rebounded. Bitcoin sat at $75,700 immediately after, and has since ground higher to $76,300. ETH and SOL were both green at $2,430 and $100, respectively. Hyperliquid was up 1% as well at $80.
But alts are the story. The recent alt darlings posted double-digit gains. ZEC jumped 12% to $1,350 and a new high; NEAR rallied +15%, LIT jumped +12%, and VVV continued its rally up +12%.
So where does this leave us? Crypto just absorbed its first rate hike in three years without flinching, which sounds like strength and mostly means the pain was taken in advance. In fact, crypto just took a back-to-back beating with the rate hike and the Clarity Act failing to pass on Tuesday. The crypto market is no longer going down on bad news. And alts are showing real strength and signs of a risk-on bid. It sure seems that there are real signs of the bottom being behind us. Bears are on notice…